First Time Home Buyers Ontario Land Transfer Tax Rebate 2017 Doubles up to $4,000 .00 Refund

Land Transfer Tax First Time Home Buyers Ontario Refund

First time since 1989, Land Transfer Tax Rebate Doubles for First Time Buyers!

First Time Buyer Land Transfer Tax Rebate

Finance Minister Charles Sousa is giving First Time Home Buyers a $4,000.00 Land transfer Tax Rebate to help add relief in order for First Time Buyers to be able to afford getting into the Real Estate Market.

Ontario will refund ‘Eligible’ First-time Home Buyers up to $4,000.00 from the Ontario Land Transfer Tax, effective January 1st, 2017.

For Home purchases under $368,000.00 the Ontario Land Transfer Tax will effectively be removed for eligible First-Time Home Buyers buying their first home. First Time Home Buyers were eligible for an up to $2,000.00 refund and now are eligible for double that with an up to $4,000.00 refund. 

According to CREA Canadian Real Estate Association, the Provincial Average Price for Homes Sold in December 2016 was $535,969.00 rising 18.9 per cent from a year earlier.  According to TREB Toronto Real Estate Board, the Average Price of all Homes across the Toronto region GTA was $762,975.00 and rose 21 per cent and, in the City of Toronto Average Price for a Detached Home was $1,28,605.00 for 2016.

 

The current Land Transfer Tax rates and haven’t changed since 1989:

Former Ontario Land Transfer Tax Rates
Home Purchase Price             Tax Rate
Up to $55,000                             0.5%
$55,000 to $250,000                    1.0%
$250,000 to $400,000                 1.5%
Above $400,000                           2.0%

Under the New effective Land Transfer Tax Rates, First Time Buyers of Detached, Semi-Detached Homes, Condos and or Townhomes should expect to pay: 

New Ontario Land Transfer Tax Rates
Home Purchase Price             Tax Rate

Up to $55,000                              0.5%
$55,000 to $250,000                    1.0%
$250,000 to $400,000                 1.5%
$400,000 to $2-million                2.0%
$2-million and over                      2.5%

Buyers of Multi-Residential Buildings, such as Duplexes, Triplexes etc, Commercial, Industrial or Agricultural Properties will be required to pay 2 per cent tax rate on any Purchase Price over $400,000.00.

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